To close the Withdrawals account:
A) debit Withdrawals; credit Revenue.
B) debit Capital; credit Withdrawals.
C) debit Withdrawals; credit Income Summary.
D) debit Income Summary; credit Withdrawals.
Correct Answer:
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Q16: 
Q17: The ending balances in the ledger after
Q18: Closing entries are prepared:
A) to clear all
Q19: Adjusting journal entries:
A) need not be journalized
Q20:
Q22: Which of the following accounts is a
Q23: Accounts in which the balances are carried
Q24: When the balance in the Income Summary
Q25: When the balance of the Income Summary
Q26: How do you close a revenue account?
A)
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